Digital assets see record $17.8 billion YTD inflows as Bitcoin and Ethereum lead the charge Digital assets see record $17.8 billion YTD inflows as Bitcoin and Ethereum lead the charge
Bitcoin sees fifth-largest inflow amid change in investor sentiments.
2 min read
Updated: Jul. 15, 2024 at 1:06 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Digital asset investment products experienced consecutive inflows this month, with $1.44 billion recorded last week, per CoinShares‘ latest weekly fund flow report.
This recent inflow raised the year-to-date total to a record $17.8 billion, surpassing the $10.6 billion inflows of 2021.
However, trading volumes stayed low at around $8.9 billion, compared to the seven-day average of $21 billion.
Bitcoin sees the fifth-largest inflow.
A breakdown of the flows showed that Bitcoin saw its fifth-largest weekly inflows on record last week, totaling $1.5 billion. Conversely, short-Bitcoin experienced its largest weekly outflow since April 2024, amounting to $8.6 million.
This movement suggests a shift in market sentiment for the crypto industry. The significant Bitcoin inflows indicate investors’ growing confidence in the asset’s potential for substantial growth, with many investors taking advantage of the recent price decline to enter the market.
James Butterfill, head of research at CoinShares, said:
“We believe price weakness due to the German Government bitcoin sales and a turnaround in sentiment due to lower than expect CPI in the US prompted investor to add to positions.”
Meanwhile, Ethereum-related crypto products attracted $72 million in inflows in anticipation of its spot exchange-traded funds (ETF) launch. This marks its largest inflow since March, bringing its year-to-date flows to $57 million.
Nate Geraci, President of ETF Store, predicted the SEC would approve ETH ETF products for trading this week because the financial regulator “has no good reason for any further delay at this point.”
Furthermore, large-cap alternative digital currencies like Solana, Chainlink, Avalanche, and XRP saw more than $8 million in cumulative inflows.
Regionally, the United States led with $1.3 billion in inflows last week, reflecting a broad positive sentiment. Switzerland set a yearly record with $58 million in inflows, while Hong Kong and Canada saw $55 million and $24 million, respectively.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,461.87
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Solana
$194.179
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Chainlink
$23.2121
Chainlink is a decentralized oracle network that connects smart contracts on the blockchain to real-world data.
XRP
$2.27892
The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
